Crypto whale bets $6 million on Solana memecoins comeback amid market decline

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Crypto whale bets big on Solana memecoins, snagging $685,000 in gains.

A crypto whale has placed nearly $6 million across five Solana-based memecoins, taking a bold position despite the broader market pullback.

According to on-chain data from Lookonchain, the investments were made on May 19 and have already produced roughly $685,000 in unrealized gains.

Lookonchain reported that the trader allocated $1.05 million to acquire 2.92 million POPCAT tokens, which have since appreciated to $1.26 million.

Similarly, a $946,000 stake in 381 million MEW has grown to $1.21 million. Another significant position of $898,000 in 67.44 billion BONK has also climbed in value to $1.21 million.

However, not all the assets the whale invested in paid off.

Lookonchain noted that the whale recorded slight paper losses on Fartcoin and dog-themed WIF. The Fartcoin allocation of $1.47 million has dropped to $1.37 million, while the $1.49 million placed on WIF now sits at $1.4 million.

These assets’ mixed performance comes amid a broader market pullback that has seen Bitcoin dive towards $102,000 during the reporting period.

Despite the current market lull, the whale’s aggressive buying action illustrates large-scale investors’ ongoing speculative interest in Solana’s memecoin ecosystem.